Imagine being able to pay from any mobile device using only a microphone and internet connection.
Toronto-based company Soundpays makes that possible by creating a unique system that enables secure transactions using sound waves. It is the first and only mobile wallet solution to do so.
Because of this, Soundpays holds a benefit of ubiquity in the sense that it works on all mobile devices, without adding any hardware.
Unlike Apple, Google, and Samsung, who have adopted NFC as their dominant mobile wallet technology, Soundpays uses ultrasonic waves to allow single-click purchase of items online or in real life.
“The challenge for consumers is that their wallet becomes device dependent and may not work on their model of phone,” said Colin Turnbull, head of marketing and PR for Soundpays.
Using Soundpays, merchants can sell to customers from any mobile phone whether online or in real life.
“The benefit of Soundpays is it works on all mobile devices and does not require merchant POS upgrades. All we require is a microphone/speaker and internet connection,” said Turnbull.
According to Turnbull, current mobile wallet solutions are “fragmented” and depend on older technology.
Soundpays extends to online transactions from television shows, online videos and digital signage. No other solution has this reach.
The app is set to release on October 2015 to the public for Android and iOS users.
Peter Misek, chairman and founder, moved from a career as one of Wall Street’s top advisors to create Soundpays. Misek spent two years working closely with Jason Squire, CTO and founder who managed to solve the issues with sound waves in noisy environments. They create a working prototype before seeking investors.
The pair then spent several years developing the Soundpays app prototype while compiling a team with experience in technology, design, and marketing.
Along with external contractors, the team consists of Marc Greiff who handles design and user experience, Mark Madsen who focuses on development, and Colin Turnbull who works on marketing and PR.
Since the company started developing in 2013, Soundpays have accomplished a working mobile wallet and the merchant app.
But Soundpays says their aim is to become the secure standard for mobile authentication and communication.
“Our initial goal is what we have today. A ubiquitous mobile wallet that lets people shop securely using their debit or credit card anywhere they want to,” said Colin Turnbull.